8-K
filed August 12, 2024, 7:59 PM ET
CIK 0001396033
other material
confidence high
sentiment negative
materiality 1.00
LL Flooring Holdings, Inc.: going-concern / distress — LL Flooring files Chapter 11, plans going-concern sale, closes 94 stores
LL Flooring Holdings, Inc.
- Filed Chapter 11 on Aug 11, 2024 in Delaware; pursuing going-concern sale of business.
- Received commitment for up to $130M DIP financing from Bank of America-led group.
- 94 stores to close; Hilco appointed for store-closing sales.
- CFO Robert Madore resigned; Susan Bryan named interim CFO.
- Nonbinding LOI for Sandston, VA distribution center sale for ~$100M.
Key facts
Extracted from this filing and checked against the source text.
Distress & Bankruptcy
SEC 8-K Item 1.03
confidence 0.9
LL Flooring Holdings, Inc. entered chapter 11 in United States Bankruptcy Court for the District of Delaware (petition 2024-08-11).
- Proceeding
- chapter 11
- Court
- United States Bankruptcy Court for the District of Delaware
- Petition
- 2024-08-11
Exact text from the filing
On August 11, 2024, the Company, together with certain of its direct and indirect subsidiaries (the “ Debtors ”), filed voluntary petitions for relief under chapter 11 of title 11 of the United States Code (the “ Bankruptcy Code ”) in the United States Bankruptcy Court for the District of Delaware (the “ Bankruptcy Court ”).
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Jill Witter resigned as Director at LL Flooring Holdings, Inc..
- Action
- resigned
- Role
- Director
Exact text from the filing
On August 8, 2024, each of Thomas Sullivan, Jason Delves and Jill Witter (collectively, the “ F9 Directors ”) delivered notice of their respective resignation as a member of the Board effective immediately.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Jason Delves resigned as Director at LL Flooring Holdings, Inc..
- Action
- resigned
- Role
- Director
Exact text from the filing
On August 8, 2024, each of Thomas Sullivan, Jason Delves and Jill Witter (collectively, the “ F9 Directors ”) delivered notice of their respective resignation as a member of the Board effective immediately.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Susan Bryan was appointed as Interim Chief Financial Officer at LL Flooring Holdings, Inc..
- Action
- appointed
- Role
- Interim Chief Financial Officer
Exact text from the filing
On August 9, 2024, the Board appointed Susan Bryan to serve as interim Chief Financial Officer of the Company, replacing Mr. Madore.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Thomas Sullivan resigned as Director at LL Flooring Holdings, Inc..
- Action
- resigned
- Role
- Director
Exact text from the filing
On August 8, 2024, each of Thomas Sullivan, Jason Delves and Jill Witter (collectively, the “ F9 Directors ”) delivered notice of their respective resignation as a member of the Board effective immediately.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Robert L. Madore Jr. resigned as Chief Financial Officer and Executive Vice President of Finance at LL Flooring Holdings, Inc..
- Action
- resigned
- Role
- Chief Financial Officer and Executive Vice President of Finance
Exact text from the filing
On August 9, 2024, Robert L. Madore Jr., gave notice to the Board that he was resigning for Good Reason (as defined in Mr. Madore’s severance agreement) as the Company’s Chief Financial Officer and Executive Vice President of Finance at LL Flooring, Inc., effective immediately.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Holly Etlin was appointed as Chief Restructuring Officer at LL Flooring Holdings, Inc..
- Action
- appointed
- Role
- Chief Restructuring Officer
Exact text from the filing
On August 7, 2024, the Board appointed Ms. Holly Etlin, Partner and Managing Director of AlixPartners, LLP (“ AlixPartners ”), as Chief Restructuring Officer of the Company (the “ CRO ”).
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Deb Rieger-Paganis was appointed as Deputy Chief Restructuring Officer at LL Flooring Holdings, Inc..
- Action
- appointed
- Role
- Deputy Chief Restructuring Officer
Exact text from the filing
On August 7, 2024, the Board appointed Ms. Deb Rieger-Paganis, Partner and Managing Director of AlixPartners, as Deputy Chief Restructuring Officer of the Company (the “ Deputy CRO ”).
View on SEC.gov
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
LL Flooring Holdings, Inc. announced a restructuring affecting 94 stores located throughout the United States.
- Type
- restructuring
- Affected area
- 94 stores located throughout the United States
Exact text from the filing
On August 7, 2024, the Board of Directors (the “ Board ”) of the Company determined, after considering all reasonably available options and a thorough and exhaustive review process, that it is in the best interests of its stakeholders to discontinue further financial and operational support for certain of its stores located throughout the United States. The Company has committed to a plan to conduct going-out-of-business sales at and close 94 stores.
View on SEC.gov
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